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Abu Dhabi Commercial Bank to exit India

Abu Dhabi Commercial Bank PJSC agreed to sell the majority of its Indian banking book to Mumbai-based DCB Bank Ltd., subject to regulatory approvals, as it seeks to exit the country and focus on its operations in the United Arab Emirates.

The portfolio, which comprises 355 million dirhams in assets and 601 million dirhams in liabilities, will be sold at par. ADCB noted that the deal would have no impact on its profitability.

In May, ADCB completed its merger with Union National Bank - PJSC and Al Hilal Bank PJSC in a three-way combination that created the UAE's third-largest lender by assets.

As of Sept. 10, US$1 was equivalent to 3.67 United Arab Emirates dirhams.